Russian pension investments to end

Pension fund investments on behalf of local government and other employers in Oxfordshire are to be taken out of Russian organisations. 

The Local Government Pension Scheme is nationwide but oversight takes place in individual local areas. Oxfordshire’s Local Government Pension Fund scheme has members from all six local councils as a wide array of other county-based organisations. It is managed as part of the Brunel Partnership – which also manages pension investments for nine other area - Avon, Buckinghamshire, Cornwall, Devon, Dorset, the Environment Agency, Gloucestershire, Somerset and Wiltshire.

The Brunel Pension Partnership had already been working to divest from Russian entities. The Oxfordshire Pension Fund Committee has now endorsed the decision to continue with divestment from all Russian organisations.

Both Brunel and Oxfordshire will not be making any further investments in Russian assets at the same time as seeking to disinvest.

Councillor Liz Leffman, Leader of Oxfordshire County Council, said: “I was pleased to hear that our local Pension Fund Committee had taken this decision. National governments, private sector organisations and individuals are all doing what they can to support Ukraine and demonstrate to Russia the level of disgust with recent events.

“This decision is one practical thing that we can do locally to support the international effort that is underway and I’m sure the world of local government up and down the country will be doing the same thing.

Councillor Bob Johnston, Chair of the Oxfordshire Pension Fund Committee, added: “This is the right thing to do from both a moral perspective, but also in respect of the pension committee’s duties, with the actions being taken by the international community including the decision to remove the Russian companies from the major investment indices, meaning the financial risk to these companies is long term.”